Don’t own a home so not sure how taxes on that work
Yes it would impact, SIGNIFICANTLY. https://www.google.com/amp/s/www.cnbc.com/amp/2021/04/28/how-bidens-capital-gains-tax-hike-may-hit-home-sellers-in-hot-markets.html
If it did, all that would do is incentivize home owners to lease their existing home. Thus driving prices way up for new homes and forcing non-homeowners basically to rent. Another words, those that own land would profit big time to the exclusion of others. At least that's my opinion
Homeowners will need to sell when their capital gains reach around 500K, to avoid paying taxes. The downside is higher property taxes when they buy a new similar home as that would also cost more.
Don't think this is accurate. You wouldn't accrue capital gains taxes unless you sold. So there would be no incentive to sell at that point. What's most likely, which is already done, is wealthy individuals would put property in the name of a trust so they could avoid estate taxes and would just buy and hold the property forever. Meaning reduced lots available, which means higher prices. But, again, who knows if it would really have an impact on most sales
Well, not everyone wants to stay in the same house forever. People want to upgrade, move to a better school district, move closer to the new workplace. But I do agree that people who don’t need to sell will have one more incentive now to not want to sell.
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